GBP/USD shows less reaction to latest Brexit headlines

  • GBP/USD remains on a back foot amid recent UK political news.
  • Rebel MPs readying for early-September action.
  • UK CPI, trade/political news in the spotlight.

 GBP/USD keeps taking the rounds to two-day long ascending support-line while trading near 1.2060 during Wednesday’s Asian session.

The Cable responded to the latest Brexit headlines with a cold heart as traders are cautious ahead of China’s key activity data for July after witnessing surprise increase in the previous month. Further to note, the quote earlier dropped after the mixed British jobs report and positive trade headlines.

Among the news, the UK’s Speaker of the House of Commons, John Bercow recently became a strong force against the Prime Minister (PM) Boris Johnson’s “do or die” pledge, as per The Telegraph. Mr. Bercow showed readiness to stop the no-deal Brexit by all means.

Additionally, ex-Chancellor Philip Hammond wrote a letter to the no10, as per The Sun, signed by 20 other members of the Parliaments (MPs), that shows the PM ruins chances of any deal with the EU. In response to it, some of the Brexiteers termed him as doing the EU’s negotiation for it.

Even if some of the key British lawmakers are preparing to challenge PM Johnson on September 06, poll results from ComRes survey recently showed that the Tory leader has public support for his Brexit pledge.

Moving on, the UK’s July month Consumer Price Index (CPI) and news concerning the US-China trade will be watched closely for near-term direction.

Technical Analysis

Thursday’s low near 1.2095 acts as an immediate resistance to aim for 1.2155 while pair’s downside beneath two-day long support-line, at 1.2055, can trigger fresh declines to 1.2015 and 1.2000 round-figure.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

AUD/USD stays under pressure around 0.6830 while beginning the NFP day

AUD/USD declines to 0.6830 during the initial Friday morning in Asia. The quote stretches losses made on Thursday as the second-tier Aussie data becomes the latest disappointment.


USD/JPY steady at 200-DMA ahead of critical US NFP data

Steady below the 200-day moving average, Yen fell from 108.97 to 108.66 overnight as positive trade deal headlines flowed through the news wires and helped US stocks eke out further gains. Risk appetite was solid into the close on Wall Street overnight.


US Non-Farm Payrolls November Preview: Labor market continues to defy concerns

Non-farm payrolls are predicted to rise 180,000 in Nov following Oct’s 128,000 increase. The unemployment rate is expected to be unchanged at 3.6%. Hourly earnings will gain 0.3% in Nov after October’s 0.2% increase and annual earnings will be stable at 3.0%.

Read more

Gold: Modestly changed to $1475 as markets turn cautious ahead of US NFP

Gold fails to extend the previous day’s recovery while trading near $1475/76 amid Friday’s Asian session. That said, the yellow metal registers failures to close beyond 50-day EMA for the third consecutive day.

Gold News

GBP/USD: 1.3180 holds the key to further upside

GBP/USD traders modestly changed around 1.3160 by the press time of early Asian session on Friday. That said, overbought conditions of the 14-day Relative Strength Index (RSI) and the recent stop in north-run make buyers doubtful.